The people of Britain, in 2016, had voted for its withdrawal from the European Union (EU). This process of withdrawal of Britain from the EU is commonly referred to as Brexit.
To check out the Key Dates of Brexit, visit this link: https://www.theweek.co.uk/100284/brexit-timeline-key-dates-in-the-uk-s-break-up-with-the-eu
Primary Reasons why Britain wants to leave the EU – Trade (Britain is a significant market for the products from EU), security and Migration (free movement in EU).
How would Brexit Impact India – Many Indian companies have invested heavily in Britain – this would be impacted as UK is seen as a getaway to EU (especially the pharma sector); A common, barrier free market in the form of EU would not be available anymore; There are 800 Indian companies in UK which employ over a lakh people – the jobs of these people would be in jeopardy; The Pound would be impacted as a result of Brexit which will impact trade with India; The India-EU Free Trade Agreement Negotiations would be impacted; If the British economy suffers due to Brexit, the right-wing groups turn their anger towards non-white people; Remittances and FDI may be impacted.
Misc: The issue of the Ireland border is an important issue. The contention is whether to have a hard or a soft border.
Categories: POINT IAS